Daily Pivots: (S1) 0.7959; (P) 0.7988; (R1) 0.8019; More….
While USD/CHF is losing some downside momentum as seen in 4H MACD, there is no clear sign of bottoming yet. Intraday bias stays mildly on the downside. Current down trend should target 61.8% projection of 0.9200 to 0.8038 from 0.8475 at 0.7757 next. On the upside, above 0.8017 minor resistance will turn intraday bias neutral and bring consolidations. But recovery should be limited below 0.8214 resistance to bring another fall.
In the bigger picture, long term down trend from 1.0342 (2017 high) is still in progress. Next target is 100% projection of 1.0146 (2022 high) to 0.8332 from 0.9200 at 0.7382. In any case, outlook will stay bearish as long as 0.8475 resistance holds.
